Key facts

Reported value

USD 1.70 billion

As of

June 30, 2026

Portfolio

College endowment, rounded official value

Location

Davidson, NC

Investment office

Davidson College Investment Office

Office head

Raymond A. Jacobson, chief investment officer; as of Nov. 2, 2026

Spending policy

5% on the stated policy base

Data through FY2026

Balance reference

Endowment size and reporting scope

The reported balance is a stock of assets measured at a date. Annual support and investment income are flows across a fiscal year. Donor-restricted funds and board-designated funds can share an investment vehicle while retaining different spending permissions. A consolidated balance sheet also includes buildings, receivables and liabilities, which are outside an endowment-only figure. Pool value and the legal institution's net assets therefore require separate labels. Survey scope and definitions

The official USD 1,700.000 million figure and the FY2025 survey's USD 1,460.452 million describe their respective dates and reporting categories. The official balance retains its stated label, college endowment, rounded official value. A change in currency, period or included accounts can produce a different total; the figures are presented separately. Official financial scope

Source: NACUBO · Data through FY2026

The FY2025 survey value for Davidson College is USD 1,460.452 million, compared with USD 1,374.738 million for FY2024. The USD 85.714 million movement is 6.23% of the earlier balance. It includes changes in investments as well as additions and distributions. NACUBO explicitly distinguishes this change in market value from an investment rate of return. FY2025 respondent values and definitions

The available history begins in FY2016 at USD 661.926 million and ends in FY2025 at USD 1,460.452 million. The change across those observations is USD 798.526 million. The smallest reported balance in the displayed series is USD 661.926 million in FY2016; the largest is USD 1,460.452 million in FY2025. These are closing asset values. They do not show how much of a year's movement came from new gifts, spending or investment results. NACUBO historical workbook

Spending policy and payout

Davidson's spending draw equals 5% of a five-year rolling average of prior endowment market values. The averaging base reduces the speed at which a single market year changes annual support. Individual gift restrictions govern which scholarship, position or program receives each account's draw. Spending disclosure

Source: NACUBO · Data through FY2026

Annual support depends on both spending authority and investment liquidity. A formula determines the permitted draw, while investment redemptions and cash reserves provide the money. Private-fund capital calls and redemption limits affect timing. A closing market value does not measure those near-term demands, and an accounting appropriation does not identify every department's expenditure date. Spending measures

Governance and investment office

The current Investment Office roster names Raymond A. Jacobson as chief investment officer and separately lists investment and operations staff. The college invests funds for its long-term institutional needs while accounting for individual donor restrictions. Investment governance

The current official source names Raymond A. Jacobson, chief investment officer. This office information is stated as of November 2, 2026. Office leadership

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. Applicable private institutions must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States, and student-adjusted endowment of at least $500,000. The rates are 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415 These rates apply to net investment income, using the law's prior-year asset and student-count definitions.

An institution's tax tier requires its statutory asset base, eligible student count and related-organization treatment. The survey's closing market value does not supply that calculation. No institution-specific rate is assigned without an institutional disclosure. A campus's enrollment in a public fact sheet can differ from the daily-average, full-time-equivalent count required by the law.

FY2025 size-band comparison

The FY2025 survey value of USD 1,460.452 million places this respondent in the $1B to $5B band. The published band contains 125 respondents and USD 268.0 billion of aggregate assets. Its average five-year annualized net return is 10.8%, and its ten-year average is 8.0%. The size classification follows the survey-year balance even where an official disclosure on this page uses a later year or a different portfolio scope. NCSE size groups NCSE average net returns

Source: NACUBO · Data through FY2025

NCSE's allocation categories combine strategies with different liquidity and valuation practices. Its Alternatives group can include private capital, hedge funds and real assets. Matching that broad weight would not establish identical holdings. The displayed mix is a survey average, not this institution's target allocation. Published category weights are shown with an explicit rounding difference so the full bar totals 100%. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as Davidson College, EIN 560529961. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 1,807.792 million, revenue of USD 202.355 million, expenses of USD 193.122 million. These are filer-wide amounts, which can include buildings, operating resources and other assets outside the endowment. The filing period is retained separately from the current investment disclosures. ProPublica structured filing data

Related reading

• NC endowments
• Comparable endowment sizes
• Endowment directory
• Endowments by state
• Endowments by size
• College endowments
• Rochester Institute of Technology
• Berry College
• Villanova University